Small Business Loans through the government are discouraging for someone who wants to start a business. These loans, although wonderful business loans, have requirements, such as being in business successfully for a year. these are not fat business loans. They require careful accounting and accountability. They do have low interest rates.
If business is a dream and it is time to begin, what can you do? Few who haven’t been in business have any knowledge of how to start and feel hopeless. Others do it. You can do it.
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Here are some ideas for promising business startups in 2021:
- Food Trucks
- Auto Repair
- Car Wash Service
- IT Support
- Personal Trainer
- Academic Courses
- Vacation Rentals
- Growing Programs for Children’s Minds
- Personal Trainer
- Electrical Work
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Most of all, when starting a business, start something you love and about which you have knowledge. Business requires a lot of time. Unless it is something enjoyable it will simply overwhelm you.
You already have the knowledge in one area, know the problems to be encountered and feel you can give something to the profession that would be a good starting point.
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Business Development
It is one thing to be an employee and think you know what is what. Being an employee is different than being an owner and requires different skills. Many people do not understand the difference and aren’t good managers. Think about taking a course in business and employee management. If you are weak in an area, ask for help from someone who isn’t. Do not try to do everything yourself.
A direction and business having been decided, what’s next. Don’t go into a business without knowing what kind of market to target, who will be interested in those services and how to reach those industries or persons interested.
Know how much you should charge and do not undercharge. At first starting is slow and simple, perhaps begun in a garage and you keep your prices low. But as the business grows, it requires a bigger building, more machines and employees. It requires much more money than that now and you must raise your prices and lose some accounts. Select a price that is commensurate with the business right from the start.
Funding
There is much to do when starting a business. Advertising when you don’t have much money or time is one. Advertising and knowing what kind of advertising will reach customers you need is essential, even for a truck restaurant. This is part of the investigation into the business that needs to be done.
Now we get to business funding. One of the reasons people don’t go into business is because of money and not understanding funding opportunities. Even if you do get a loan, you need some money of your own to start. It is hard to give up what you already have, but if you want to have a business and don’t have money, that might be what you need to do. My husband and I moved into a ratty house which we used for business while developing tools and saved money. We sold some land and called in loans to come up with starting capital. We then looked into small business funding and got a line of credit and a credit card loan.
Lines of credit are unsecured loans. The loan limit is the merchant cash advance available at any time. Interest is charged on the amount used but not on what is allowed. These are an unsecured small business loans.
The credit card loan was fast and easy to secure but it required good credit. These are quick business loans.
A loan for equipment can be arranged. This is a secured loan using the equipment as security. This requires going through the loan process and can be for any certain amount and period of time.
Restaurants are known to fail. It is a difficult business. With the coming of important well known chef’s the business is thriving. There are financial restaurant loans which are really investments which are repaid by the investors taking a percentage of the revenue each quarter till the debt is paid or the jeopardy date is reached.
Online small business loans help a business that wants to buy equipment or needs some cash immediately. These loans are reasonably fast and as difficult to acquire as any other loan.
The best business loans are the ones that will work for and your situation. They are available. Sometimes they are fast business loans like a credit card loan.
